Apple Shares Spike 3.9% After Consumers Prove Analysts Wrong
Even though consumers had a mixed response to Apple’s (NASDAQ:AAPL) iPhone 4S unveiling, it didn’t stop them from making a pre-order sale on Friday. Apple’s stock is up 3.90% to $384.21 on the news.
The phone had a record one million-plus consumers from seven countries order it, surpassing the company’s previous record sales number of 600,000 and five countries. Analysts didn’t express a lot of enthusiasm for the record, which came one day after Apple’s founder Steve Jobs passed away. Colin Gillis of BGC Partners believes the company has a ways to go before it meets Wall Street’s sales expectations.
“It’s not the first million,” said Gillis. “We know there’s a large, loyal base of users. They need to sell more than 20 million of these in this quarter to hit estimates. Apple needs to break records to hit expectations.”
iPhone 4S will be available from the Apple Online Store, Apples retail stores and through AT&T (NYSE:T), Sprint (NYSE:S), Verizon Wireless (NYSE:VZ), and select Best Buy (NYSE:BBY), Target (NYSE:TGT) and Walmart (NYSE:WMT) stores and select Apple Authorized Resellers.
Apple (NASDAQ:AAPL) shares are up 19.16 % year to date. The stock has traded in a 52-week range between $290 and $422.86.
Super Hot Feature: Tim Cook: Genius or Complete Fool?